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RateSetter Supports the Future of Arts and Culture with Creative Industry Finance PDF Print E-mail
Thursday, 09 April 2015

The UK’s leading Peer-to-Peer (P2P) lender based on 2014/15 figures, RateSetter, has joined forces with Creative Industry Finance to help artistic and cultural enterprises secure funding.

The UK’s creative sector is worth a staggering £71 billion per year to the economy. However, while creativity thrives in the UK, a lack of finance means many enterprises struggle to make the step from executing successful projects to becoming sustainable creative businesses.
Creative Industry Finance is funded by Arts Council England and delivered by Creative United – a Community Interest Company designed to primarily support the creative economy in the UK through a range of products. The unique programme provides tailored business support and access to finance options to enable the growth and development of the cultural and creative industries in England.
By offering innovative P2P finance solutions to creative businesses, RateSetter will be the first of its kind to join Creative Industry Finance’s existing network of lenders and help fund the future of this thriving industry. Since the nationwide launch last year, over 50 businesses to date have been supported by Creative Industry Finance and there is room for further support.
RateSetter’s ground-breaking partnership with Creative Industry Finance is one of a number of disruptive partnerships powered by the P2P lender. The platform also works with giffgaff and Commuter Club to provide alternative methods of financing everyday necessities such as mobile phones and travel. This new partnership with Creative Industry Finance demonstrates the variety of sectors powered by RateSetter and builds on the platform’s #MakeTodayPay campaign, a nationwide call to action, encouraging people to take small actions to make a difference to their lives.
RateSetter’s Founder and CEO, Rhydian Lewis commented: “The UK's creative industries span a multitude of disciplines which are important drivers for economic success. Our partnership with Creative Industry Finance shows the potential of peer-to-peer lending to bring together different sectors, recognising artistic enterprises’ place on the world stage.

 “The driving ethos behind launching RateSetter was our belief that there must be an alternative to financing loans that offer customers a better deal. This is a fantastic opportunity to support a vital part of the UK’s economy, fostering innovation and helping to take creative ideas to fruition.”

Sarah Thirtle, Head of Business Lending Programmes at Creative United, said: “The country’s creative and cultural businesses have described facing barriers to accessing finance. Our mission is to support the growth and development of the sector by unlocking new sources of finance by working with partners from across the public and private sectors.
“We’re delighted to welcome RateSetter to our lending partner network. This means we will be able to offer an even greater choice of finance options to the companies we are supporting under our Creative Industry Finance programme, helping us to better meet their business needs and fuel their growth potential.”

(Source - RateSetter/Creative Industry Finance Press Release)

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